Soccer's Next Evolution? London Football Exchange to Launch ICO – Blockchain News
Aiming to disrupt the current model of ticket sales, as well as offer fans improved experiences and rewards, the London Football Exchange (LFE) announced, at the end of January, that it will launch an initial coin offering on Feb 12.
LFE describes itself as a “global movement to create the ultimate sports community, where fans partake in exclusive club and fan experiences”. It states that its goal is to allow football clubs to raise funds by selling tokens to fans, who can, in turn, use the platform to purchase tickets, merchandise, and other products. The LFE, which claims to be the world’s first stock exchange for football clubs, offers clubs a new way to raise capital, says the statement. A further objective is to disrupt the current model of ticket sales, with zero fees for ticketing. According to the LFE, some UK football clubs who outsource their match day and season ticketing are paying around 5 percent in fees.
Discussions about implementing the technology are underway with more than 50 clubs, according to the LFE, including prominent teams throughout Europe, the USA, and Australia, as well as the UK’s Premier League.
“The LFE aims to become a ‘one-stop-shop’ for clubs of all sizes to raise capital via equity sales and also offer LFE contributors a wealth of fan experiences and social interaction,” said LFE CEO, Scott Smith, in a statement. “Clubs will be encouraged to offer some equity through the LFE and required to offer a minimum number of unique experiences or special offers so that the real fans can take part in their favorite clubs,”
As part of its initial coin offering, LFE will generate a total of four billion tokens, with 2.4 billion available for general sale. The tokens will be priced at USD 0.20, which equates to a fundraising goal of approximately USD 350 million, the company stated. The pre-sale will end on Feb 11, with the public sale taking place from Feb 12 to May 20.
The LFE Platform will use the Ripple and Stellar networks, with Bitcoin, Ethereum and Ripple all accepted, together with bank transfers of British pounds, Euros, US dollars, Australian dollars and Swiss francs.
For more information, visit https://lfe.com/ito.html.
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